CEO

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Xerox CEO Shuffle Historic for Women

First female-to-female handoff at big firm; first black woman in role

(Newser) - The announcement that Ursula Burns will replace Anne Mulcahy as head of Xerox is brimming with historical significance, writes Patricia Sellers in Fortune. Not only is it the first woman-to-woman CEO handoff in Fortune 500 history, but Burns will be the first black woman to head a Fortune 500 company....

Liddy to Leave AIG
 Liddy to Leave AIG 
May 21, 2009 4:28 PM CDT

Liddy to Leave AIG

(Newser) - AIG chief Edward Liddy is stepping down after eight months on the job, the Wall Street Journal reports. The government appointed Liddy chairman and CEO last fall after the feds bailed out the insurance giant. Liddy recommended splitting the job into two roles and will remain until his replacements are...

Good CEOs Are Boring: Brooks
 Good CEOs Are Boring: Brooks 
OPINION
May 19, 2009 10:07 AM CDT

Good CEOs Are Boring: Brooks

(Newser) - Recent studies have yielded a good picture of the ideal CEO, and the life of the party he ain’t, writes David Brooks in the New York Times. Traits like empathy, good communication skills, and team-building aren’t very important. Flamboyant visionaries rarely work out. No, those who often thrive...

Sweeter Perks Make Up for Falling CEO Pay

Free bodyguards, life insurance, travel rise despite public outcry

(Newser) - While average CEO compensation dropped 7% in 2008, packages of fringe benefits rose by the same amount, the AP reports. Higher-ups at big companies received perks that ranged from a personal car (complete with driver) to free life insurance to flights on the company jet. One CEO received $400,000...

Lewis Ousted as BofA Chairman; Remains CEO

(Newser) - Bank of America shareholders gave Ken Lewis a demotion today. Lewis will remain the bank's president and CEO, but he will lose his position as board chairman, the Wall Street Journal reports. Shareholders—angry about the bank's plummeting fortunes of late—voted to split the chairman and CEO duties. Walter...

Thain Accuses BofA of Lying About Bonuses

Fired Merill CEO tries to 'set the record straight' about $3.6B payout

(Newser) - In his first lengthy interview since being pushed out as CEO of Merrill Lynch, John Thain tells the Wall Street Journal that Bank of America—which acquired Merrill in September—is lying about its involvement in the $3.6 billion in bonus payouts that made Thain the poster boy for...

Former Facebook Exec Named MySpace CEO

(Newser) - News Corp. has hired former Facebook executive Owen Van Natta to run MySpace, the Wall Street Journal reports. The expected move may be announced as early as today. The hiring comes fast for MySpace, which announced Wednesday that current CEO Chris DeWolfe was stepping down, along with fellow co-founder Tom...

'08 Saw More Raises for CEOs: Survey

(Newser) - More American CEOs than not received raises in 2008, Reuters reports. An AFL-CIO poll of 946 chief executives saw 480 with increased pay, while 463 took a cut. Salaries were up 7%, too; execs with raises earned an average of $5.4 million, while those who saw cuts took in...

Insiders: Jobs Still Steering Apple From Home

Sick CEO still handling firms products, strategies

(Newser) - Steve Jobs is keeping a firm grip on the goings-on at Apple despite being on medical leave, sources tell the Wall Street Journal. The chief executive's stand-in, Tim Cook, is handling the day-to-day running of the firm, but Jobs has been working on strategies and products from home, especially the...

Top CEOs Expect to Cut More Jobs

(Newser) - The unemployment rate now stands at a 25-year high of 8.5%, but the nation's CEOs say it's only going to get worse. Nearly three-quarters of the leaders of the nation's biggest companies expect to lay off more workers in the next 6 months, USA Today reports. That percentage—71%—...

GE's Immelt Lacks Options
 GE's Immelt 
 Lacks Options 
ANALYSIS
Apr 3, 2009 2:32 PM CDT

GE's Immelt Lacks Options

CEO needs to shrink, simplify the business, but can't

(Newser) - Don’t envy GE’s Jeffrey Immelt. Though his core business remains profitable, the CEO presides over a huge, unwieldy empire. Parts of the conglomerate, like GE Capital, have tanked the entire corporation’s share price and caused it to lose its prized AAA credit rating. Worse, Immelt may  have...

CEO Pay Sinks for First Time in 7 Years

As profits decline, so do bonuses, especially at financial firms

(Newser) - CEOs took a pay cut in 2008—their first in seven years—as profits plunged and brought bonuses with them. The median compensation for the leaders of 200 big US companies fell 8.5% to $2.24 million, the Wall Street Journal reports. That includes both salaries, which rose 4....

Facebook Should 'Unfriend' CEO
 Facebook Should 
 'Unfriend' CEO 
OPINION
Apr 2, 2009 1:50 PM CDT

Facebook Should 'Unfriend' CEO

(Newser) - Mark Zuckerberg has made mistakes in the past 6 weeks “that would have led to any normal CEO's firing,” Owen Thomas writes for Gawker, and the Facebook CEO's case should be no different. His three strikes: a privacy-shredding “terms of service disaster,” an “awful redesign,...

New GM Boss: Bankruptcy 'More Probable'

Announces program to help unemployed car owners

(Newser) - In his first press conference as CEO of foundering GM, Fritz Henderson today made it clear he wasn’t afraid to talk bankruptcy, saying it was now “more probable,” and that he might even decide to declare bankruptcy before his 60 days were up. “We will do...

Obama's Auto Crackdown Worries Bailed-Out Banks

After Wagoner ousting, financials fear similar fate

(Newser) - After the Obama administration kicked out GM’s boss and said two of the Big Three automakers may benefit from bankruptcy, CEOs of banks bailed out by the government are wondering if there's a bull's-eye on their backs, the Washington Post reports. The risk of such a crackdown has been...

Wagoner: Optimist, Survivor, Martyr?
 Wagoner: Optimist, 
 Survivor, Martyr? 
Analysis
Mar 30, 2009 1:42 PM CDT

Wagoner: Optimist, Survivor, Martyr?

The long, unhappy reign of Rick Wagoner

(Newser) - During Rick Wagoner’s 9-year stint at the wheel, GM lost its place as the world’s top automaker, cut tens of thousands of jobs, and saw shares fall from $70 to less than $3. But through it all Wagoner fended off all challengers—including the likes of Kirk Kerkorian—...

Magna Cum Fraud: Top Schools for Scoundrels

People behind financial crisis went to same universities

(Newser) - Many of the bigwigs involved in the financial crisis went to the same few elite schools, notes Joe Weisenthal in Business Insider. Maybe, he writes, when the crisis begins to fade, we’ll think twice about having another Harvardian or MIT grad running things. Among the offending institutions:
  • New York
...

AOL Names Former Google Exec as CEO
AOL Names Former
Google Exec as CEO
Mar 12, 2009 6:27 PM CDT

AOL Names Former Google Exec as CEO

(Newser) - AOL is getting a new CEO. Tim Armstrong, a senior vice president at Google, will replace Randy Falco, who took the job in late 2006. Falco is leaving along with president and COO Ron Grant. The shakeup could mean that a Time Warner spin-off of AOL is more likely. Time...

Blackwater Founder Steps Down as CEO

Now called Xe, security company regroups, changes focus

(Newser) - Blackwater Security founder Erik Prince stepped down today as CEO of the private security company he built into one of the world's most respected—only to see it become reviled for a 2007 Baghdad massacre in which his testimony incurred congressional wrath, the AP reports. Prince expressed pride in Blackwater,...

Freddie Mac's CEO Moffett Resigns
Freddie Mac's CEO
Moffett Resigns
Mar 2, 2009 8:56 AM CST

Freddie Mac's CEO Moffett Resigns

(Newser) - Freddie Mac CEO David Moffett has notified the company’s board of directors that he will resign both his position and his seat on the board effective March 13, MarketWatch reports. The board is working with the Federal Housing Finance Agency to appoint a successor. "We expect to name...

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